MENA IPO momentum

driven by KSA and UAE

MENA IPO Eye: Q2 2023 report

ey.com
 Contents

MENA IPO Global IPO

1 market Page 4 2 market Page 14 3 Appendix Page 20

About this report

EY MENA IPO Eye report is released every quarter and looks at the IPO markets, trends and outlook for the MENA region.
The current report provides insights, facts and figures on the MENA IPO market during Q2 2023.
You will find this report at the EY IPO website and you can subscribe to receive it every quarter.
All values are US$ unless otherwise noted.

Subscribe to MENA IPO Eye reports.

Get the latest MENA IPO analysis direct to your inbox.

2
 MENA IPO market

“
UAE and Saudi Arabia continue to be the most active markets in the MENA region in terms of both
the number and size of IPOs. ADNOC’s second portfolio company listing in 2023 continues to
outpace the global markets in terms of demand.
The MENA region continues to have strong economies and low debt; coupled with the reform and
deregulation in the region, it continues to be an attractive environment for new listings.

Brad Watson
EY MENA Strategy and Transactions Leader

3
 1
MENA IPO
market

4
MENA IPO market summary: Q2 2023 IPO activity continues to be driven by
the KSA and UAE markets with a healthy pipeline to follow
Key highlights: IPOs and direct listings MENA IPO overview

• MENA Initial Public Offering (IPO) markets saw 13 initial public offering (IPOs) during Q2 2023 raising US$1.8b in proceeds. Q2 2023 H1 2023
This represents a 44% increase in the number of IPOs but an 80% decrease in proceeds compared with Q2 2022 (which had
13 23
the giga IPOs of Dubai Electricity & Water Authority PJSC (DEWA) and Borouge plc).
IPOs IPOs
• In H1 2023 there have been a total of 23 IPOs (4% y-o-y decrease) in MENA raising US$5.2b, a 60% decrease in funds raised US$1.8b US$5.2b
y-o-y. Despite the lower levels of proceeds from MENA IPOs y-o-y, the region remains buoyant from an IPO standpoint. proceeds proceeds
• First-day returns were promising, with 10 out of the 13 listings for Q2 2023 having a gain, ADNOC Logistics and Services
(L&S) being the highest, with a 55% first-day trading gain on the offer price. H1 change y-o-y Direct listings Q2 2023

• Similar to Q1 2023, Saudi Arabia dominated the region’s IPO activity in terms of the number of listings in Q2 2023, with -4% 2
seven IPOs on the Tadawul (Nomu) parallel market with proceeds of US$0.1b and four listings on the Tadawul main market IPOs Direct listings H1 2023
raising US$0.8b. As part of Vision 2030, Saudi Arabia is continuing to focus on diversifying its economy by reducing its -60%
focus on oil-related activities. The IPOs during Q2 2023 came from a range of companies in the Tadawul main market proceeds 5
spanning a number of sectors. Jamjoom Pharmaceuticals Factory Company raised US$336.0m (the highest raise on the Note: Change y-o-y reflects H1 2022 vs. H1 2023.
Tadawul for the quarter), followed by First Milling Company SJSC which raised US$266.4m. Both offered a free float of 30%
of the company’s share capital and were oversubscribed.
• The Abu Dhabi Securities Exchange (ADX) had the largest IPO of the quarter, with ADNOC L&S raising US$769.5m. The IPO
saw the “largest demand globally” for a transaction so far in 2023 (oversubscription level of 163x in aggregate, the highest- MENA IPO activity
ever oversubscription level for a UAE book-build IPO). Its first closing day share price traded 55% higher than its listing price
(US$0.55). This is the sixth company that the Abu Dhabi National Oil Company (ADNOC) Group has listed following the most 27
recent successful listing of ADNOC Gas in Q1 2023. On the Dubai Financial Market (DFM), Al Ansari Financial Services PJSC, 15,000 13,187 28
23
was the UAE’s first family-owned company to be listed, raising US$210.4m in proceeds.
24

Number of IPOs
8,786 21
• There were no non-GCC IPOs in H1 2023, with new listings in the MENA region continuing to be driven by Kingdom of Saudi 10,000
Arabia (KSA) and the UAE.
14

US$m
5,236
• There were two direct listings in the MENA region during Q2 2023: Mayar Holding Co. on the Tadawul (Nomu) and Al Mahhar
5,000
Holding on the Qatar Exchange Venture Market Program (QEVM). A further three direct listings have also been approved, 7
two on the Tadawul (Nomu) and one on the Egyptian Exchange (EGX).
• A total of 23 KSA companies have announced their listing plans on the Tadawul in H2 2023 and two companies in Egypt in - 0
H2 2023, indicating a strong pipeline of IPOs to come in the remainder of the year. H1 22 H2 22 H1 23
• The DFM launched the IPO accelerator program in H1 2023, aimed at family businesses and large private companies to Proceeds (US$m) Number of IPOs
support them on their journey to listing.
Sources: Refinitiv Eikon, S&P Capital IQ.

5
MENA IPO Eye: Q2 2023
 MENA IPO market snapshot

MENA IPO activity (Q1 2018 to Q2 2023)

30,170 *
9,230 20 24
30,500
7,262
9,000 20
7,500 15

Number of IPOs
5,618 13 16
6,000
US$m

9 9 10 12
13 3,958
4,500 7 7
6 2,823 6 3,423
8
3,000 4 4 4 1,836 1,813
1 1
1 Nil 3 1,524
630 875 1,095 58 6 2 116 4
1,500 131 4
347 0 295
190 814 925
0 0
Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23
Number of IPOs Proceeds (US$m)

GCC IPOs (Q2 2018 to Q2 2023) Non–GCC IPOs (Q2 2018 to Q2 2023)
10,000 9,230 13 15 200 1 3
8,000 3

Number of IPOs

Number of IPOs
9 150 101 131
1 10 2
6,000 7
US$m

US$m
5 100 Nil
4,000
1,813 5 1
2,000 50
774 Nil Nil Nil
2,821 1 Nil Nil
- 0 - 0
Q2 18 Q2 19 Q2 20 Q2 21 Q2 22 Q2 23 Q2 18 Q2 19 Q2 20 Q2 21 Q2 22 Q2 23
Proceeds (US$m) Number of IPOs REITs listed Proceeds (US$m) Number of IPOs REITs listed

Notes: IPOs, including REIT listings, have been considered in each quarter based on the listing date.
*Saudi Aramco listing
Sources: Refinitiv Eikon, S&P Capital IQ.

6
MENA IPO Eye: Q2 2023
MENA equity markets

MENA exchanges performance

25%

20%
(percentage change)

15%
Market return

10%

5%

0%

-5%

-10%
Jan 23 Feb 23 Mar 23 Apr 23 May 23 Jun 23

EGX 30 Index DFM General Index MSCI Emerging Markets Index

Tadawul All Share Index Qatar Exchange General Index Bahrain All Share Index
Boursa Kuwait Premier Market Index MSM General Index Abu Dhabi Securities Exchange General Index
Source: Refinitiv Eikon.

Q2 2023 indicated a broadly positive performance in the MENA stock markets. At the end of H1 2023, 15 out of the 23 MENA IPOs from H1 2023
had a positive return compared with their IPO price, with Presight Al Holding PLC continuing to achieve the highest gain of the year at 143.8%.
Egypt’s EGX30 was the Middle East’s best performer and finished H1 2023 with a 21% gain (7.6% for the quarter). The DFM closed H1 2023
strongly with a gain of 13.7%, making it the top-performing market in the GCC. This was followed by the Tadawul, which closed H1 2023 at an 8.7%
gain. ADX was the worst-performing market for the quarter closing at a 6.5% decline in performance for H1 2023, partially driven by the decline in
International Holding Company’s (IHC) share performance in 2023, which accounts for the majority proportion of the index.

7
MENA IPO Eye: Q2 2023
MENA IPO performance for listed companies of 2023

MENA IPO pricing and performance: Q2 2023

IPO proceeds IPO price First-day Share price performance

Listing date Issuer (US$m) (US$) return percentage* Sector Exchange
5 Apr 2023 Foods Gate Trading Co. 6.3 14.9 23% 23% Consumer services Tadawul (Nomu)

6 Apr 2023 Al Ansari Financial Services PJSC 210.4 0.3 17% 17% Banking and capital DFM
markets

13 Apr 2023 Ghida Alsultan for Fast Food Company 14.3 22.4 –6% –15% Consumer services Tadawul (Nomu)

27 Apr 2023 Saudi Lime Industries Company 9.1 4.5 3% –22% Materials Tadawul (Nomu)

1 May 2023 Meyar Co. 4.2 15.7 30%^ 53% Materials Tadawul (Nomu)

1 Jun 2023 ADNOC Logistics and Services PLC 769.5 0.5 55% 52% Logistics ADX

7 Jun 2023 Almuneef Company for Trade, Industry, 14.2 18.7 –8% 0% Capital goods Tadawul (Nomu)
Agriculture and Contracting

14 Jun 2023 Tam Development Company SCJSC 20.3 34.7 0% 0% Commercial and Tadawul (Nomu)
professional services

19 Jun 2023 Al Mawarid Manpower Company SCJSC 76.8 17.1 30%^ 48% Commercial and Tadawul
professional services

20 Jun 2023 Jamjoom Pharmaceuticals Factory 336.0 16.0 30%^ 49% Pharma, biotech and life Tadawul
Company SJSC sciences

21 Jun 2023 Morabaha Marina Financing Company SCJSC 83.4 3.9 2% –3% Diversified financials Tadawul

22 Jun 2023 First Milling Company 266.4 16.0 18% 18% Food and beverage Tadawul

22 Jun 2023 Al–Razi Medical Company 2.3 7.5 30%^ 30% Food and staples retailing Tadawul (Nomu)

Share price performance calculation: IPO price as compared with the closing price on 30 June 2023. “+” or “—” indicates change compared with the offer price at IPO. ^Indicates maximum daily price fluctuation limit was reached.
Sources: Refinitiv Eikon, S&P Capital IQ, stock exchange disclosures.

8
MENA IPO Eye: Q2 2023
MENA oil price performance

OPEC and Brent oil price

90
Oil prices (US$ per barrel)

85

80

75

70
Jan 2023 Feb 2023 Mar 2023 Apr 2023 May 2023 Jun 2023
OPEC price Europe Brent crude

Source: Organization of the Petroleum Exporting Countries (OPEC) and Energy Information Association (EIA).

OPEC and Brent crude prices were volatile in the first few months of 2023, rising in January and February before falling sharply around mid-March. The rise in January
was due to the stronger-than-expected growth in China's economy, which boosted demand for oil. The fall in March was due to a number of factors, including the
collapse of Silicon Valley Bank, which led to concerns about a global recession and expectations of higher interest rates.
Oil prices rebounded in April as the financial market stabilized and expectations of higher interest rates eased. The OPEC+ oil cartel also announced production cuts in
early April, which provided further support to prices.
After Brent crude in Europe briefly touched US$88.3/bbl in April, the prices fell back to levels seen before the announcement on account of ongoing considerations
about weakening global economic conditions. Crude oil prices witnessed relatively lesser volatility in June with prices settling at lower levels of US$71/bbl to US$77/bbl
as concerns about the global economy weighed on demand. However, further production cuts by OPEC+ and KSA are expected to support prices in the coming months.

Sources: Bloomberg, CapIQ, Refinitiv Eikon, broker reports, consultant websites and reports.

9
MENA IPO Eye: Q2 2023
 MENA IPO market

“
The MENA IPO pipeline for H2 2023 and H2 2024 remains very healthy with a number of IPOs
already announced in the KSA and multiple processes ongoing across the broader region, with
transactions planned in the UAE, Oman, Qatar and Kuwait. We see planned IPO activity across
different sectors and from a combination of family business, state-backed enterprise and private
equity stakeholders. MENA has been a bright spot in the much more subdued global IPO market,
and we expect this to continue in the future, especially with international businesses also exploring
listings in this region.

Gregory Hughes
EY MENA IPO Leader

10
Companies and investors should look out for …

Volatility

Government
Inflation, interest Recovery of
policies and
rates and liquidity economic activity
regulations

Environmental,
Geopolitical
Adoption of social and
tensions and
technology and AI governance (ESG)
conflicts
agenda

Market sentiment and investor confidence

11
MENA IPO Eye: Q2 2023
IPO candidates looking to go public will need to be well prepared

• Demonstrate resilience with innovative business models, agility in navigating supply chain
constraints and macroeconomic challenges, strong working capital management, and ability
to adapt to new ways of doing business, embracing technology and Artificial Intelligence (AI)
applications.
• Be realistic and flexible about valuations, given post-IPO share price performance and
increasing interest rates.
• Conduct extensive pre-marketing and pre-IPO funding, complete with cornerstone investors,
to mitigate uncertainty and improve pricing leverage.
• Consider the impact of geopolitical risks, macroeconomic factors and changing regulatory
environment.
• Be able to clearly articulate and disclose an embedded environmental, social and corporate
governance (ESG) strategy and culture, from climate change mitigation initiatives to
promoting board and management diversity.
• Understand the different requirements of each IPO market that companies plan to enter, in
order to meet investors’ expectations and avoid potential delays due to regulatory issues.
• Consider all options, from an alternative IPO process (direct listing or de-SPAC merger) to
other financing methods (private capital, debt or trade sale).

12
MENA IPO Eye: Q2 2023
IPO readiness assessment: How we help companies prepare for an IPO

Are you prepared? EY integrated assessment and program management of IPO readiness modules are tailored to
suit each company’s needs as it seeks to prepare the organization for a public listing event in
Once you have decided to go public, you will need to map out all the necessary steps. Advance the future. The core modules to consider are illustrated below.
preparation and planning are critical. Unpredictable IPO markets make dual tracking, IPO
readiness and internal preparation more important than ever. Be ready to kick-start execution
when the IPO window of opportunity opens. Getting IPO-ready in the correct way means Taxes
1 Strategy 2 Structures 3
implementing change throughout the business, organization and corporate culture. As a public
company, you will be subject to increased filing requirements, transparency, compliance, • IPO equity story • Issuing company • Company level
scrutiny by investors and analysts, and overall accountability for delivering on promises. • IPO destination • Group structure • Shareholder level
• Issue concept • Governance and legal • Transaction level
To start the IPO planning and preparation process “on the right foot,” EY IPO readiness
assessment can be used. It is a structured approach designed to guide the company through a
successful IPO transaction to a strong debut in the IPO market. Successful businesses typically 9 ESG/sustainability 4 Timeline
start to prepare 12 to 24 months before the IPO — in many cases, with an IPO readiness
• ESG/CSR/HSE • IPO timeline and
assessment.
• Strategy regulatory approval
• Policies • Plan B options
• Team • Project management
What are the objectives and values of the EY IPO readiness assessment? and resources
EY IPO
8 Systems readiness
The EY IPO readiness assessment is designed to guide your company through a successful 5 Financial
transformation from private to public status. Executives also want to understand more of the • Internal controls and assessment
audit • External and internal
“measures that matter” and what it takes to win in the capital markets. Typical objectives are: reporting
• Enterprise risk
• Define an IPO base case that would become important information for the assessment. • Compliance • Business plan and
management forecasting
• Identify IPO readiness gaps and assess the efforts required to get ready. • Prospectus
• IT security
• Train key people on IPO leading practices and regulatory requirements. • Nonfinancial metrics

• Prioritize gaps in an IPO roadmap.

7 Functions
• Investor relations • Risk 6 Leadership
• Compliance management • C–suite • Subcommittees
Companies that have completed a successful IPO know that the process is truly a metamorphosis —
• HR • Board of directors • Remuneration
a series of planned, pervasive changes undertaken to achieve long–term objectives. • Legal
Start your IPO journey with an EY IPO readiness assessment.

13
MENA IPO Eye: Q2 2023
 2
Global IPO
market

14
 Global IPO market

“
Against the backdrop of a divergent global economy and unpredictable geopolitical landscape,
some stock markets are reaching a long-time high and enjoying low volatility. Certain theme-
centric sectors such as technology and clean energy are signaling an upswing in IPO activity.
Large, well-established companies are demonstrating enduring resilience, while growth
narratives with more realistic and acceptable valuation are becoming more receptive by the
market.
In this shifting environment, companies need to prepare now to be “IPO-ready” for any
forthcoming windows.
Paul Go
EY Global IPO Leader

15
 Q2 2023 IPO activity

Global Q2 2023 Q2 2022 % change

Number of IPOs 310 321 –3%
Overall we have seen improvement in IPO
Proceeds (US$b) 39.0 40.9 –5% activities in Q2 2023 when compared with Q1
2023, and Q2 2023 is on par compared with the
Americas Q2 2023 Q2 2022 % change corresponding quarter of 2022.
Number of IPOs 34 41 –17%

Proceeds (US$b) 6.3 2.5 151%

After rebounding from a 20-year low, fundraising
Asia-Pacific Q2 2023 Q2 2022 % change in Americas experienced substantial growth in Q2,
Number of IPOs 190 194 –2% driven by a mega spin-off and other larger-sized
Proceeds (US$b) 26.3 23.4 12% IPOs.

EMEIA Q2 2023 Q2 2022 % change

Number of IPOs 86 86 0% Asia-Pacific witnessed a modest improvement,
Proceeds (US$b) 6.4 15.0 –57% fueled by multiple regional growth momentum,
while EMEIA continued a y-o-y contraction amid
dwindling market liquidity and cautious investor
sentiment.
Q2 2023 refers to the second quarter of 2023 and covers completed IPOs from 1 April to 19 June 2023, plus expected IPOs by 30 June 2023
(forecasted as of 19 June 2023). Q2 2022 refers to the second quarter of 2022 and covers completed IPOs from 1 April to 30 June 2022.
Sources: EY analysis, Dealogic.

16
MENA IPO Eye: Q2 2023
YTD 2023 IPO activity

Global YTD 2023 YTD 2022 % change

While deal numbers have remained on the same level Number of IPOs 615 647 –5%
as YTD 2022, global IPO proceeds raised were down
by more than 30% as fewer mega IPOs were launched Proceeds (US$b) 60.9 95.6 –36%
(YTD 2023: 5 and H1 2022: 11).
Americas YTD 2023 YTD 2022 % change
Number of IPOs 77 77 0%

The US market saw an uptick in proceeds, principally Proceeds (US$b) 9.1 4.9 86%
from larger deals. The Asia-Pacific and EMEIA
markets were down by proceeds raised, reflecting the Asia-Pacific YTD 2023 YTD 2022 % change
challenge of launching mega IPOs against the tight Number of IPOs 371 380 –2%
market liquidity situation faced in many countries.
Proceeds (US$b) 39.4 66.1 –40%

EMEIA YTD 2023 YTD 2022 % change

Some emerging markets such as India and Indonesia are Number of IPOs 167 190 –12%
thriving with IPO activities, as they benefited from the
Proceeds (US$b) 12.4 24.6 –50%
global demand for rich mineral resources, the countries’
vast populations, growing unicorns and entrepreneurial
small and medium-sized enterprises (SMEs). YTD 2023 refers to the first six months of 2023 and covers completed IPOs from 1 January 2023 to 19 June 2023, plus expected
IPOs by 30 June 2023 (forecasted as of 19 June 2023). YTD 2022 refers to the first six months of 2022 and covers completed IPOs
from 1 January 2022 to 30 June 2022.
Sources: EY analysis, Dealogic.

17
MENA IPO Eye: Q2 2023
Global IPO market: YTD 2023 review

• Despite low market volatility and strong stock exchange performance in certain major financial markets, YTD
2023 saw more than 600 IPOs raising approximately US$60b, a contraction of 5% by volume and 36% by value
y-o-y. These modest results continue to reflect slower global economic growth, tight monetary policies and
heightened geopolitical tensions. High interest rates and poor post-IPO share price performance have also
pushed investors to look for other investment asset classes.
• About 32% of IPOs in YTD 2023 were trading below their offer prices as of 19 June 2023 — compared with 45%
for those listed in 2022, reflecting lower and more sustainable valuations for companies listed in 2023.
• Share of global IPO proceeds by the Americas region has plunged from 38% in 2021 to a low of 5% in 2022,
before bouncing back to 15% in YTD 2023. The Greater China region continues to dominate global IPO
activities. Indonesia has shown strong momentum, benefiting from global demand for its rich mineral resources
(needed for the electric vehicle (EV) sector), its vast population and fast-growing unicorns.
• Falling commodity prices and energy IPO proceeds have allowed technology to reclaim the leading position.
Meanwhile, IPOs from the industrials sector are swiftly rising in Mainland China, India and the US, securing the
second spot by both deal number and proceeds. Technology, and health and life sciences, the two typical
growth sectors, have seen the highest number of IPO withdrawals in recent years, reflecting the challenge of
arriving at mutually acceptable valuations between companies and investors.
• Cross-border activity has seen a rise, fueled by a flurry of Chinese company listings on the US market — albeit
with much smaller deal size compared with those from two years ago — as well as steady influx into the Swiss
Stock Exchange, a trend that started in H2 2022.

YTD 2023 refers to the first six months of 2023 and covers completed IPOs from 1 January 2023 to 19 June 2023, plus expected IPOs by 30 June 2023
(forecasted as of 19 June 2023). YTD 2022 refers to the first six months of 2022 and covers completed IPOs from 1 January 2022 to 30 June 2022.
Sources: EY analysis, Dealogic.

18
MENA IPO Eye: Q2 2023
Global IPO market: 2023 outlook

• With interest rate hikes expected to end this year and the Chinese government set to introduce further
economic stimuli, we predict better IPO market conditions in the next six to 12 months on the back of a strong
and high-quality IPO pipeline.
• Recent improvements in market sentiment could be a sign for more US IPO activity in late 2023 or 2024. The
strong momentum in Indonesia shall continue, bolstered by the country’s rich mineral resources. There are
similar optimistic outlooks for Japan, which has reached a 33-year stock market high, and China, as its economy
continues to recover.
• The European IPO market could begin to see a rebound if inflation risks, and hence the interest rate hike, can be
contained, thus releasing additional market liquidity. Despite MENA recording a y-o-y decline in IPO activity
following the drop in global energy prices over the last year, the region still boasts two of the top 10 global IPOs
in YTD. India is another standout market, showcasing strong growth in IPO volume, especially from SMEs.
• Investors will continue to be more selective, orienting toward companies with solid fundamentals and proven
track records. Investors are likely to be more interested in companies from the technology sector, ESG concept
stocks and others that can demonstrate the adoption of AI applications into their business models and
operations.
• After the one mega IPO debut in the US, which has outshone other traditional listings this year, we expect more
large corporate spin-offs and carve-out listings will take place in other major markets as companies seek to
increase shareholders’ value.

YTD 2023 refers to the first six months of 2023 and covers completed IPOs from 1 January 2023 to 19 June 2023, plus expected IPOs by 30 June 2023
(forecasted as of 19 June 2023). YTD 2022 refers to the first six months of 2022 and covers completed IPOs from 1 January 2022 to 30 June 2022.
Sources: EY analysis, Dealogic.

19
MENA IPO Eye: Q2 2023
 3
Appendix

20
IPO activity per stock exchange

IPO activity per Stock exchange IPOs Q2 2023 IPOs LTM¹ Q2 2023 IPOs since 2018²
stock exchange Tadawul main market 4 13 50

Tadawul Nomu 7 22 37

ADX 1 5 10

DFM 1 4 7

EGX 0 0 11

Boursa Kuwait 0 0 2

MSX 0 2 9

Bahrain SE 0 0 1

QSE 0 0 3

Notes:
Casablanca SE 0 2 6
1. Last 12 months (LTM)
2. Up to 30 June 2023
3. Excludes direct listing
Tunis SE 0 1 3
Sources: Refinitiv Eikon, S&P Capital IQ.

21
MENA IPO Eye: Q2 2023
MENA IPO performance for listed companies of 2023

MENA IPO pricing and performance: Q1 2023

IPO proceeds IPO price First-day Share price performance

Listing date Issuer (US$m) (US$) return percentage* Sector Exchange
1 Jan 2023 Leen Alkhair Trading Co 16.6 17.3 –27% –2% Consumer products Tadawul (Nomu)
and retail
10 Jan 2023 Nofoth Food Products Co 11.5 4.0** 0% 10% Consumer products Tadawul (Nomu)
and retail
30 Jan 2023 Alinma Hospitality REIT Fund 136.1 2.7 –5% –6% REIT fund Tadawul

8 Mar 2023 Waja Company 10.9 1.2** 22% 52% RE, hospitality and Tadawul (Nomu)
construction
13 Mar 2023 ADNOC Gas PLC 2,476.4 0.7 18% 29% Oil and gas ADX

14 Mar 2023 Abraj Energy Services SAOG 244.3 0.7 17% 25% Oil and gas MSX

20 Mar 2023 Knowledge Net Co 7.5 10.7 5% 6% Technology Tadawul (Nomu)

22 Mar 2023 BENA Steel Industries 8.3 13.9 –9% –10% Diversified industrial Tadawul (Nomu)
products
26 Mar 2023 Horizon Food Company 15.8 9.9 21% 54% Food and beverage Tadawul (Nomu)

27 Mar 2023 Presight AI Holding PLC 496.1 0.4 144% 144% Technology ADX

*Share price performance calculation: IPO price as compared with the closing price on 30 June 2023. “+” or “—” indicates change compared with the offer price at IPO.
** IPO price adjusted based on share split done in June 2023 (Nofoth – 1:10 and Waja – 1:20)
Sources: Refinitiv Eikon, S&P Capital IQ, stock exchange disclosures.

22
MENA IPO Eye: Q2 2023
Contact details

Gregory Hughes Mayur Pau Humara Suleman

EY MENA IPO Leader EY MENA Financial Services EY MENA IPO Director,
Partner, EY Consulting LLC, Dubai IPO Leader, Partner, EY Consulting EY Consulting LLC, Dubai
gregory.hughes@ae.ey.com LLC, Dubai humara.suleman@ae.ey.com
mayur.pau@ae.ey.com

Meera Kohli
EY MENA IPO Senior Manager,
EY Consulting LLC, Dubai
meera.kohli@ae.ey.com

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About this report

EY MENA IPO Eye report is released every quarter and looks at the IPO markets, trends and outlook for the MENA region.
The current report provides insights, facts and figures on the MENA IPO market during Q2 2023.
You will find this report on the EY IPO website and you can subscribe to receive it every quarter.

All values are in US$ unless otherwise stated.

23
MENA IPO Eye: Q2 2023
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